David Fassbender named head of Asia Pacific real estate for PGIM following retirement of Benett Theseira

David Fassbender will succeed Benett Theseira as PGIM's head of Asia Pacific real estate in July 2026, overseeing a $21 billion transaction history.

By: AXL Media

Published: Mar 3, 2026, 3:45 AM EST

Source: The information in this article was sourced from finews.asia

Leadership transition at PGIM real estate

Prudential Financial’s investment management arm, PGIM, has confirmed a significant leadership change within its Asia Pacific real estate division. David Fassbender has been designated as the new head of the region, with the appointment officially taking effect on July 1, 2026. Based in Tokyo, Fassbender will oversee the firm’s strategic real estate interests across the continent. This transition follows the announced retirement of Benett Theseira, who concludes a distinguished thirty-six year career in the real estate industry, including fifteen years of service specifically at PGIM.

Extensive experience in regional markets

The appointment of Fassbender brings over two decades of institutional knowledge to the lead role. He has spent twenty-three years within PGIM’s real estate business, during which he held several critical senior positions that shaped the firm’s regional footprint. His previous roles include serving as the head of Southeast Asia, the head of Japan, and most recently, the deputy head of the Asia Pacific region. This internal promotion reflects the firm's strategy of utilizing established leadership to maintain continuity in complex investment environments.

Growth of flagship value add funds

A primary achievement highlighted by the firm is Fassbender’s role in the development and expansion of PGIM’s flagship Asia Pacific Value-Add (AVP) fund series. This investment program is currently in its twenty-third year and has progressed to its fifth closed-end serial fund. Since its inception in 2003, the fund series has successfully completed transactions totaling 21 billion dollars across nine distinct markets. Fassbender’s involvement was pivotal in scaling these operations and establishing the series as a cornerstone of PGIM’s regional investment strategy.